ICG: Progress Advancing Its Lead Alzheimer’s Candidate Through Phase 2

  IGC Pharma, Inc. (“IGC” or the “Company”) (NYSE American: IGC) today announced its financial results for the quarter ended June 30, 2023, which is the first quarter of the Company’s 2024 fiscal year.

First Fiscal Quarter 2024 Highlights

• Net revenue increased 161% to approximately $555 thousand in the three months ended June 30, 2023, compared to $212 thousand in the prior year period, driven primarily by the sale of formulations based on the Holief brand natural products targeting women with premenstrual syndrome (“PMS”), period pain, and sleep disorders.
• Throughout the quarter, IGC Pharma maintained substantial momentum in the development of a Phase 3 manufacturing facility located on the West Coast, including augmentation of distillation capacity. The facility will enhance the Company’s ability to manufacture IGC-AD1 for Alzheimer’s, at scale, positioning IGC Pharma for the next phase of growth and advancement, although there can be no assurance. As the Company charts a strategic course towards eventual commercialization of its Alzheimer’s investigational pharmaceutical drug, the facility plays a pivotal role in generating incremental revenue through the production of over-the-counter products like Holief.
• On June 30, 2023, IGC Pharma secured $12 million line of credit from a Hong Kong-based bank to support working capital needs primarily related to Alzheimer’s research.
• On June 30, 2023, IGC Pharma entered into a stock purchase agreement with several investors for $3 million in gross proceeds further strengthening working capital and supporting the advancement of Phase 2 trials for IGC-AD1 in Alzheimer’s. This amount is not reflected on the balance sheet as of June 30, 2023, as the proceeds were received after the close of the quarter.
• On June 6, 2023, IGC Pharma received notice of allowance from Commissioner of Patents, Canada, for the Company’s patent filing on the use of cannabinoids in the treatment of seizures, IGC-501 (#2961410). The formulation also received an intent to grant from the European Patent Office.

https://www.biospace.com/article/releases/igc-pharma-reports-first-quarter-results-company-continues-to-make-significant-progress-advancing-its-lead-alzheimer-s-candidate-through-phase-2-clinical-trials/